Red Star Macalline wants to build 100 urban complex.

Red Star Macalline wants to build 100 urban complex.

From 20 1 1, the "commercial real estate craze" has developed into a commercial complex everywhere. Under the background of increasing restrictions on purchases, commercial real estate seems to be a "life-saving straw" for many "related" or "unrelated" enterprises.

Che Jianxin, chairman of Red Star Macalline, announced in Beijing on April 26th that Red Star Macalline Group has entered the commercial real estate field in an all-round way. Judging from the information released, this enterprise, which has been committed to the development and operation of home building materials shopping centers, has begun to develop urban complexes and commercial shopping centers on a large scale.

Red Star Commercial Copy "Wanda Model" to build 100 urban complex in 2020.

According to the commercial real estate planning released by Red Star Macalline on April 26th, people will find that this is an incomparably magnificent "blueprint".

According to Zhang Huarong, vice chairman of Red Star Commercial, the core products of Red Star Commercial in the future are the urban complex named after Red Star International Plaza and the shopping centers named after Aegean Sea, Crystal Sea and Xingyinhai. "At present, we have developed 27 complex projects in 265,438+0 cities including Beijing, Tianjin, Chongqing, Shanghai, Fujian and Kunming. In the next 3-5 years,

For the urban complex project, Chen Junyu, president of Red Star Macalline, told Netease Finance that the Red Star Macalline urban complex project "covers shopping malls, Red Star pacific studios, international golf clubs, wedding world, star-rated hotels, boutique department stores and other formats, turning a single shopping behavior into a shopping experience integrating entertainment, catering, business and family leisure".

Looking at the urban complex project of Red Star Commercial, it is not difficult to find that, except for the home store started by Red Star Macalline, other supporting projects of the urban complex basically copy the "Wanda Model" of wanda plaza. For example, wanda plaza generally has supporting Wanda Studios, and Red Star Commercial recently formally signed a cooperation agreement with Sichuan Film Company to "build" its own cinema brand Red Star pacific studios.

In this regard, Chen Junyu, president of Red Star Macalline, even bluntly pointed out that "the business model of Red Star is basically the same as Wanda".

In addition, Netease Finance also found that seven senior executives, including Zhang Huarong, vice chairman of Red Star Commercial, and Tao Jia, general manager, had previously worked in Wanda Group, accounting for almost half of the management team of Red Star Commercial.

As for the commercial real estate of Red Star Macalline, Lai Yang, secretary general of Beijing Business Economics Association, told Netease Finance that it is still too early to judge whether it can succeed. "As a Red Star business that has never operated a city complex or a shopping center, the positioning, function, main stores, architectural form and marketing model of its commercial real estate are the keys to its future success.

According to Netease Finance, the development of urban complex in China faces many problems. Zhu Lingbo, director of the Commercial Real Estate Professional Committee of the All-China Federation of Industry and Commerce, once pointed out that "developers pursue high-speed development when developing urban complexes, and homogenization and even vicious competition are very serious. One side is a thousand stores and one side is a thousand cities, which is the drawback of the current development of urban complexes. "

A survey shows that from 20 1 1 to 20 15, the total number of new urban complexes in 20 key cities in China will exceed1600,000 square meters. In Suzhou alone, there are 25 complexes under planning, construction and completion. Hangzhou also claims to build hundreds of large and small urban complexes. Shanghai will add more than 50 urban complex projects, ranging from 20 1 1 to 20 13. In Chengdu, there are 88 urban complexes under construction. Some county-level cities also have complexes above 10.

In addition, at present, most commercial real estate in China is at a loss. According to the survey data of RAND Consulting, the rental income of commercial real estate held by listed real estate enterprises in China generally accounts for 3%~5% of their total annual operating income, while the operating profit is mostly negative, especially the commercial real estate that has just opened and is in the incubation period, with a loss of more than 80%.

As for Red Star Commercial's future plan of "building 60 cities 100 shopping centers within 8 years", Lai Yang said that strategy and reality are not the same. "It's good to complete one third. I estimate that the final goal is about 10%."

The news that the home business continues to close in the cold winter is not uncommon.

For this commercial real estate, although the relevant person in charge of Red Star Macalline Group has repeatedly stressed to Netease Finance that this is an initiative of the Group to "explore" new business areas. Commerce and home are two completely independent companies, but this time it is not a strategic transformation, and there will be no plans to give up and reduce the home sector.

However, some data show that China's home furnishing market is still in an unprecedented "cold winter", and it is still impossible to know the end time of this "cold winter".

Just last year, The Home Depot, the second largest retailer and building materials giant in the United States, closed all its stores in China, and then B&Q, an international decoration and building materials retail group, was brought to court for defaulting on payment to its suppliers. At the same time, local furniture and building materials stores are also facing development difficulties, and news of closing stores is not uncommon.

Take Red Star Macalline as an example, some stores have to close down because of poor business and tenants' difficulty in making profits. At the beginning of August last year, Red Star Macalline Guangzhou Pazhou Store closed ahead of schedule; At the end of August, Nanjing Olympic Sports Red Star Store officially withdrew its store; At the beginning of September, the number of merchants in Changshu Red Star Macalline dropped sharply.

Wang Linpeng, president of Easyhome Group, once said that "20 12 is the most difficult year for the furniture industry". However, in this year, the "cold current" encountered by home furnishing enterprises has not improved. From June 5438 to March this year, the cumulative sales of building materials and home furnishing stores above designated size nationwide was 2 136 billion yuan, down 2.43% year-on-year.

In this regard, Qin Zhanxue, executive vice president of China Building Materials Circulation Association, said that after ten years of expansion, building materials home stores have dried up, and the surplus of stores has become a fact.

According to Qin Zhanxue, due to the continuous warming of real estate in previous years, since 20 10, many well-known home hypermarkets began to "compete for land" in major central cities across the country, and horse racing became the most enthusiastic game of home hypermarkets. Subsequently, due to blind expansion and fierce competition in the industry, the domestic major building materials and home furnishing stores have problems such as declining rental rate, difficulty in attracting investment, frequent changes in management personnel, and difficulty in collecting rent.

According to Netease Finance, Red Star Macalline has the fastest expansion. According to statistics, the number of stores owned by Red Star Macalline is increasing at an average annual rate of about 10. Up to now, Red Star Macalline has opened 1 17 home stores nationwide.

In addition, Netease Finance learned from Red Star Macalline Home that according to its latest plan, the number of stores in Red Star Macalline Home will increase to 300 by 2020, exceeding the target of "200 home stores in 2020" announced by Red Star Macalline.

The increased store expansion plan seems to show the outside world that Red Star Macalline has no intention of giving up the home plate. However, people in the industry pointed out that "you can't put your eggs in one basket" in the context of no signs of recovery in the home furnishing industry, or it became the explanation that Che Jianxin, the red star, took the helm to accelerate its entry into commercial real estate.

Residential projects feeding back commercial real estate Red Star Group may face financial pressure.

"It is estimated that 300 home stores and 100 commercial shopping centers will be built by 2020", which is the planning of Red Star Macalline Group for nearly 8 years. In addition, Red Star Macalline Group also plans to increase the number of urban complex projects to 50 in the next 3-5 years.

The data shows that up to now, Red Star Macalline has 1 17 home stores, and 27 urban complex projects including home stores and shopping centers are under construction. This means that according to the planning of Red Star Macalline, more than 150 home stores, 70 shopping centers and 20 urban complex supporting projects will be built in the next 8 years.

The construction of the above plans requires huge financial support. Take the shopping center as an example. According to Chen Junyu, president of Red Star Macalline, Netease Finance introduced that the construction cost of Red Star Commercial Shopping Center is about 4,000 yuan/square meter excluding the cost of land acquisition. According to the average area of its flagship shopping center project "Aegean Sea" of 6.5438+0.5 million square meters, the construction cost of a shopping center in Red Star Commercial is about 600-700 million yuan.

How to solve the huge capital demand? Zhang Huarong, vice chairman of Red Star Macalline Commercial, said that Red Star Macalline Commercial Real Estate is "fully prepared" in terms of capital, and the future financing method of commercial real estate does not exclude bills and other forms. "About half of the company's projects are in cooperation with local developers, which controls the cost of land to some extent."

Chen Junyu told Netease Finance that the above-mentioned development plan was promoted year by year. "In the future, our funds will mainly come from three aspects. One is the sales of high-end houses and shops supporting urban complex projects; One is rental income; One is the mortgage loan from the completed self-sustaining property to the bank. "

In addition, Chen Junyu also revealed to Netease Finance that at present, Red Star's urban complex project has been welcomed by many first-tier cities and local governments in provincial capitals. "In these cities, we basically get land at zero cost. For example, we will take the land at a price of about 50% of the local land price, and selling the supporting houses and shops will make our funds quickly withdraw. "

An analyst who did not want to be named told Netease Finance that the reason why the urban complex project was welcomed by the local government "at least ensured that the project could provide tax revenue growth for the local finance at the initial stage of construction and opening, and various formats under the project could also promote local employment and drive the surrounding housing prices to rise. The most important thing is that this rapid construction model meets the needs of local government leaders to pursue short-term political achievements. "

But even in this case, Red Star Macalline Group may still face financial pressure. The data shows that in September last year, Red Star Macalline published the prospectus of the 20 12 medium-term notes, with a planned issue amount of 900 million yuan, with a term of five years, and the issuance time was September 2 1. Just 22 days ago, the company just issued the first phase of this year's medium-term notes, with a financing of 600 million yuan and a term of three years.

For the reasons of frequent fund-raising, Red Star Macalline said it was used to supplement working capital or repay bank loans. But in addition, the prospectus also shows that there are serious hidden dangers in the capital chain of Red Star Macalline Home Plate.

The data shows that as of the end of March last year, the company's interest-bearing debts, including short-term loans, long-term loans and non-current liabilities due within one year, totaled 654.38+0.046 billion yuan, equivalent to 654.38+0.64.15% of the company's net assets in the same period. In addition, by the end of 20 12, the asset-liability ratio was 7 1.50%.

The asset-liability ratios at the end of 2009, 20 10 and 2010 were 85.9 1%, 75.54% and 73.37% respectively. Analysts pointed out that Red Star Macalline may face many risks due to its high asset-liability ratio, including difficulties in capital turnover, insufficient fund-raising ability, and declining comprehensive solvency.